California homes sales remain strong

Wire Reports -

LOS ANGELES - The median price of an existing single-family home
in the Los Angeles region was $474,570 in November, up nearly 24.2
percent from the $382,190 median price in November 2003, a Realtors
group reported today.

Home sales in the Los Angeles area rose 3.4 percent last month,
compared with the same period last year, according to the Los
Angeles-based California Association of Realtors.

In Orange County, the median home price last month was $633,340
- up 20.3 percent over the $526,270 median price in November 2003.
Home sales rose 2.1 percent last month, compared with November
2003.

Statewide, the median price of an existing home in November
increased 23.1 percent and sales increased 4 percent compared with
the same period a year ago.

"Sales hit an all-time high in November as consumers snapped up
single- family homes at a record pace," said CAR President Jim
Hamilton. "The median price of a home in California continued its
upward march, increasing by double-digits for the 36th month in a
row to $473,260."

Closed escrow sales of existing, single-family detached homes in
California totaled 652,340 in November at a seasonally adjusted
annualized rate, according to information collected by CAR from
more than 90 local Realtor associations statewide.

Statewide home resale activity increased 4 percent from the
627,190 sales pace recorded in November 2003.

The 10 California cities and communities with the highest median
home prices in in California in November 2004 were:

- Los Altos, $1,400,000;

- Malibu, $1,387,500;

- Saratoga, $1,300,000;

- Burlingame, $1,300,000;

- Manhattan Beach, $1,267,000;

- Calabasas, $1,175,000;

- Newport Beach, $1,050,000;

- Palos Verdes Estates, $980,000;

- Hermosa Beach, $972,000;

- La Jolla, $947,500.

The 10 cities and communities statewide with the greatest median
home price increases in November 2004 compared with the same period
a year ago were:

- Adelanto, 84.5 percent;

- Calabasas, 59.5 percent;

- Santa Barbara, 58.7 percent;

- San Bernardino, 55.6 percent;

- Cathedral City, 54.3 percent;

- Inglewood, 53 percent;

- Pomona, 51.3 percent;

- West Sacramento, 49.8 percent;

- Barstow, 49.7 percent;

- Beaumont, 49.6 percent.

The California Association of Realtors describes itself as one
of the largest state trade organizations in the United States, with
more than 155,000 members. CNS-12-22-2004 10:01